A message to shareholders

Dear shareholder,

Bond markets around the world enjoyed generally positive returns in recent months, based on a combination of strengthening economic growth and mostly low inflation. Foreign bonds were aided further by rising currencies relative to the U.S. dollar and by the attraction of higher yields in emerging markets.

In the United States, the steady drumbeat of economic growth convinced the U.S. Federal Reserve (Fed) to raise short-term interest rates by a quarter of a percentage point in December and again in March, and to hint at two more rate hikes later this year. The Fed has been working to normalize monetary policy for several years in the face of a much-improved economic picture, while central banks in other parts of the world continue to stimulate growth through accommodative measures.

At John Hancock Investments, we believe one of the best ways to navigate today's fixed-income environment is by casting a wider net; your financial advisor can make sure that your fixed-income allocations are appropriate for your investment goals and that they appropriately balance the need for income with market risks.

On behalf of everyone at John Hancock Investments, I'd like to take this opportunity to thank you for the continued trust you've placed in us.

Sincerely,

Andrew G. Arnott
President and Chief Executive Officer
John Hancock Investments

This commentary reflects the CEO's views, which are subject to change at any time. Investing involves risks, including the potential loss of principal. Diversification does not guarantee a profit or eliminate the risk of a loss. For more up-to-date information, please visit our website at jhinvestments.com.

Your fund at a glance

INVESTMENT OBJECTIVE

The fund seeks to generate income for distribution to its shareholders, with capital appreciation as a secondary objective.

AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/17 (%)

The Bloomberg Barclays U.S. Government/Credit Bond Index is an unmanaged index of U.S. government bonds, U.S. corporate bonds, and Yankee bonds.

It is not possible to invest directly in an index. Index figures do not reflect expenses and sales charges, which would result in lower returns.

The fund's performance at net asset value (NAV) is different from the fund's performance at closing market price because the closing market price is subject to the dynamics of secondary market trading. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.

The performance data contained within this material represents past performance, which does not guarantee future results.

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 2

PERFORMANCE HIGHLIGHTS OVER THE LAST SIX MONTHS

Mixed results for the fixed-income markets

While the prospect of improving economic growth weighed on the returns of U.S. Treasuries, high-yield bonds strongly outperformed.

High-yield allocation drove performance

The fund returned 6.63% for the period, with returns mainly driven by an allocation to high-yield bonds.

PORTFOLIO COMPOSITION AS OF 4/30/17 (%)

A note about risks

As is the case with all closed-end funds, shares of this fund may trade at a discount or a premium to the fund's net asset value (NAV). An investment in the fund is subject to investment and market risks, including the possible loss of the entire principal invested. There is no guarantee prior distribution levels will be maintained, and distributions may include a substantial return of capital. Fixed-income investments are subject to interest-rate and credit risk; their value will normally decline as interest rates rise or if a creditor, grantor, or counterparty is unable or unwilling to make principal, interest, or settlement payments. Investments in higher-yielding, lower-rated securities are subject to a higher risk of default. An issuer of securities held by the fund may default, have its credit rating downgraded, or otherwise perform poorly, which may affect fund performance. Liquidity—the extent to which a security may be sold or a derivative position closed without negatively affecting its market value—may be impaired by reduced trading volume, heightened volatility, rising interest rates, and other market conditions. The fund's use of leverage creates additional risks, including greater volatility of the fund's NAV, market price, and returns. There is no assurance that the fund's leverage strategy will be successful. Hedging, derivatives, and other strategic transactions may increase a fund's volatility and could produce disproportionate losses, potentially more than the fund's principal investment.

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 3

Discussion of fund performance

An interview with Portfolio Manager Jeffrey N. Given, CFA, John Hancock Asset Management a division of Manulife Asset Management (US) LLC

Jeffrey N. Given, CFA
Portfolio Manager
John Hancock Asset Management

Can you describe the market environment during the six months ended April 30, 2017?

A backdrop of accelerating economic growth and improving investor sentiment led to widely divergent returns in the bond market during the semiannual period. Although U.S. Treasuries and other rate-sensitive assets produced muted returns, high-yield bonds—which generally benefit from strengthening economic conditions—registered substantial outperformance.

The result of the U.S. elections was the primary catalyst for this disparity. Donald Trump's victory, together with the Republican sweep of Congress, surprised the markets and compelled investors to alter their expectations in favor of lower taxes, stronger economic growth, and the possibility of tighter U.S. Federal Reserve (Fed) policy. This rapid shift caused U.S. Treasury yields to spike higher in November and December. While yields stabilized from January onward once it became apparent that the GOP would face challenges in enacting its agenda, the bond market downturn of late 2016 was enough to push the investment-grade bond indexes into negative territory for the full period.

The story was quite different for high-yield bonds. The prospect of accelerating economic growth led to an improved outlook for defaults and gave investors the confidence to gravitate toward higher-yielding market segments. In this favorable environment, the Bank of America Merrill Lynch U.S. High Yield Master II Index posted a gain of 5.46% and outpaced the investment-grade market by a wide margin.

What factors led to the fund's performance?

The fund's allocation to high-yield bonds (generally those rated BB and below) was the primary contributor to performance. The rationale behind this positioning was that in an environment of improving economic growth and gradual interest-rate increases by the Fed, high-yield bonds were well positioned to outperform their investment-grade counterparts. That indeed proved to be the case, and the fund's performance benefited in kind.

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 4

"The fund's allocation to high-yield bonds (generally those rated BB and below) was the primary contributor to performance."

Top contributors included Brazilian companies Petrobras Global Finance BV and Odebrecht Offshore Drilling Finance, Ltd., industrial equipment rental provider Ahern Rentals, Inc., and aircraft leasing company AerCap Ireland Capital DAC. Conversely, the fund lost some ground through positions in SandRidge Energy, Inc.—which the fund continues to hold—as well as McGraw-Hill Global Education Holdings, LLC and supermarket operator Tops Holdings LLC, both of which we sold.

What was your view on high yield as of the close of the period?

Although we see more limited upside in high yield following its strong showing in recent months, we continue to believe the asset class offers the most compelling risk/return profile in the fixed-income markets. We remain focused on finding opportunities to add yield to the portfolio, but we are also being very mindful of the potential risks, given that the economic cycle is relatively

QUALITY COMPOSITION AS OF 4/30/17 (%)

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 5

"Outside of high yield, the fund benefited from our emphasis on corporate bonds and securitized assets in the investment-grade portfolio ..."

extended following seven-plus years of expansion. We have therefore emphasized the BB-rated credit tier, with a smaller weighting (currently less than 5%) in the lower-rated CCC segment.

We also remain very selective with respect to credit risk, focusing on areas with healthier fundamentals, such as financials, and tilting away from those with weaker prospects, including autos and retail. With regard to portfolio shifts, one change of note was our decision to increase the fund's weighting in the energy sector, beginning in mid-2016. We saw a particularly attractive opportunity in the midstream energy industry, where financial results tend to be steadier and less commodity-sensitive than they are for the majority of companies in the broader energy group.

How was the fund positioned within its investment-grade segment?

Outside of high yield, the fund benefited from our emphasis on corporate bonds and securitized assets in the investment-grade portfolio, together with our decision not to hold U.S. Treasuries. Given the relatively low yields and the likelihood of further Fed tightening, we saw little benefit to having exposure to that area. The fund's position in domestic government bonds instead emphasized agency mortgage-backed securities.

The fund's holdings in investment-grade corporate bonds are largely focused on issues where we see attractive yields in relation to the downside risk, leading us to emphasize financials and U.S.

COUNTRY COMPOSITION AS OF 4/30/17 (%)

United States 69.6

Mexico 5.0

Brazil 4.2

Canada 3.2

Luxembourg 2.9

Netherlands 2.3

France 1.9

Ireland 1.5

United Kingdom 1.5

Argentina 1.4

Other countries 6.5

TOTAL 100.0

As a percentage of total investments.

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 6

dollar-denominated foreign issuers. We also found specific opportunities in the securitized area, which includes asset-backed, commercial mortgage-backed, and nonagency mortgage-backed securities.

How was the fund positioned at the end of the period?

Our recent activity largely involved making incremental shifts at the individual security level rather than enacting broader changes to the fund's positioning. We maintained generally stable allocations among the major asset classes, keeping the fund's weightings above 60% in high yield, near 20% in investment-grade corporates, and approximately 20% in other segments of the investment-grade market. We also kept leverage steady within a range of approximately 35% to 40% of total investments, which helped boost income and augment total returns.

Although the Fed remains in the midst of a tightening cycle, we see the largest impact of rising interest rates occurring among short-term bonds, given that longer-term issues remain well supported by demand from yield-seeking investors overseas. With that said, we are mindful of interest-rate risk and manage the fund's duration accordingly. In addition, we remain willing to sacrifice some potential upside in exchange for more limited downside risk. We believe this strategy is appropriate for a time in which risk factors may begin to play a larger role in market performance.

MANAGED BY

Dennis F. McCafferty, CFA
On the fund since 2013
Investing since 1995

John F. Addeo, CFA
On the fund since 2012
Investing since 1984

Jeffrey N. Given, CFA
On the fund since 2002
Investing since 1993

The views expressed in this report are exclusively those of Jeffrey N. Given, CFA, John Hancock Asset Management, and are subject to change. They are not meant as investment advice. Please note that the holdings discussed in this report may not have been held by the fund for the entire period. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk.

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 7

Fund's investments

As of 4-30-17 (unaudited)

Rate (%) Maturity date Par value^ Value

Corporate bonds 129.2% (85.8% of Total investments) $209,055,528

(Cost $202,976,751)

Consumer discretionary 24.8% 40,143,290

Auto components 2.9%

Adient Global Holdings, Ltd. (S) 4.875 08-15-26 805,000 807,013

American Axle & Manufacturing, Inc. (L)(Z) 6.250 03-15-21 1,000,000 1,027,500

Lear Corp. (Z) 5.250 01-15-25 1,210,000 1,283,370

Nemak SAB de CV (L)(S)(Z) 5.500 02-28-23 550,000 567,875

The Goodyear Tire & Rubber Company 5.000 05-31-26 950,000 974,938

Automobiles 0.5%

Aston Martin Capital Holdings, Ltd. (L)(S)(Z) 6.500 04-15-22 405,000 414,619

General Motors Financial Company, Inc. (Z) 3.450 04-10-22 380,000 383,712

Hotels, restaurants and leisure 4.2%

Chester Downs & Marina LLC (S) 9.250 02-01-20 1,185,000 1,213,144

Hilton Grand Vacations Borrower LLC (S) 6.125 12-01-24 750,000 798,750

International Game Technology PLC (S) 6.500 02-15-25 1,785,000 1,954,575

Jacobs Entertainment, Inc. (S) 7.875 02-01-24 705,000 736,725

Mohegan Tribal Gaming Authority (L)(S)(Z) 7.875 10-15-24 1,340,000 1,371,825

Scientific Games International, Inc. (S) 7.000 01-01-22 655,000 701,256

Waterford Gaming LLC (H)(S) 8.625 09-15-14 377,791 0

Household durables 0.9%

Tempur Sealy International, Inc. 5.500 06-15-26 625,000 621,875

Toll Brothers Finance Corp. (Z) 4.875 11-15-25 875,000 899,063

Internet and direct marketing retail 1.2%

Expedia, Inc. (Z) 5.000 02-15-26 1,000,000 1,073,517

QVC, Inc. 5.950 03-15-43 1,000,000 937,433

Media 12.5%

AMC Entertainment Holdings, Inc. (S) 5.875 11-15-26 1,155,000 1,175,934

AMC Entertainment Holdings, Inc. (L)(S)(Z) 6.125 05-15-27 800,000 817,000

Cablevision Systems Corp. 7.750 04-15-18 985,000 1,030,556

Cablevision Systems Corp. 8.000 04-15-20 750,000 837,660

CCO Holdings LLC 5.125 02-15-23 350,000 364,000

CCO Holdings LLC (S) 5.125 05-01-27 1,245,000 1,269,900

CCO Holdings LLC (L)(S)(Z) 5.750 02-15-26 1,500,000 1,593,270

Cengage Learning, Inc. (L)(S)(Z) 9.500 06-15-24 850,000 767,125

Grupo Televisa SAB 4.625 01-30-26 725,000 755,547

Grupo Televisa SAB 8.490 05-11-37 MXN 26,200,000 1,264,875

Lions Gate Entertainment Corp. (L)(S)(Z) 5.875 11-01-24 1,095,000 1,136,063

MDC Partners, Inc. (L)(S)(Z) 6.500 05-01-24 955,000 931,125

MHGE Parent LLC (L)(S)(Z) 8.500 08-01-19 1,000,000 1,007,500

Myriad International Holdings BV (S) 5.500 07-21-25 915,000 969,214

Nielsen Finance LLC (L)(S)(Z) 5.000 04-15-22 800,000 823,500

Outfront Media Capital LLC 5.250 02-15-22 900,000 934,875

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 8

Rate (%) Maturity date Par value^ Value

Consumer discretionary (continued)

Media (continued)

Outfront Media Capital LLC 5.875 03-15-25 485,000 $512,888

Sirius XM Radio, Inc. (L)(S)(Z) 6.000 07-15-24 925,000 989,750

Time Warner Cable LLC (Z) 4.500 09-15-42 1,515,000 1,389,411

Time Warner Cable LLC (Z) 8.250 04-01-19 375,000 416,482

Viacom, Inc. (Z) 5.850 09-01-43 1,125,000 1,209,000

Specialty retail 1.6%

Group 1 Automotive, Inc. (S) 5.250 12-15-23 1,500,000 1,511,250

L Brands, Inc. 6.950 03-01-33 1,185,000 1,131,675

Textiles, apparel and luxury goods 1.0%

PVH Corp. (L)(Z) 4.500 12-15-22 1,500,000 1,537,500

Consumer staples 3.1% 4,983,809

Beverages 0.5%

Anheuser-Busch InBev Worldwide, Inc. (Z) 3.750 01-15-22 750,000 789,683

Food products 0.6%

FAGE International SA (S) 5.625 08-15-26 430,000 437,525

Post Holdings, Inc. (L)(S)(Z) 5.500 03-01-25 540,000 564,300

Personal products 1.0%

Revlon Consumer Products Corp. 5.750 02-15-21 1,600,000 1,592,000

Tobacco 1.0%

Reynolds American, Inc. (Z) 6.875 05-01-20 720,000 813,701

Vector Group, Ltd. (S) 6.125 02-01-25 760,000 786,600

Energy 19.3% 31,155,968

Oil, gas and consumable fuels 19.3%

Antero Resources Corp. 5.125 12-01-22 917,000 930,755

Cenovus Energy, Inc. (Z) 3.800 09-15-23 875,000 882,386

Cheniere Corpus Christi Holdings LLC (S) 5.875 03-31-25 995,000 1,060,919

Cheniere Corpus Christi Holdings LLC (S) 7.000 06-30-24 800,000 893,904

Continental Resources, Inc. (L)(Z) 4.500 04-15-23 500,000 492,500

Enbridge Energy Partners LP (Z) 5.875 10-15-25 1,610,000 1,835,759

Kinder Morgan Energy Partners LP (Z) 4.250 09-01-24 1,210,000 1,249,609

Kinder Morgan, Inc. (Z) 5.550 06-01-45 1,055,000 1,117,281

Newfield Exploration Company 5.750 01-30-22 750,000 796,875

Oasis Petroleum, Inc. (L)(Z) 6.875 03-15-22 705,000 713,813

Parsley Energy LLC (S) 5.375 01-15-25 370,000 373,700

Permian Resources LLC (L)(S)(Z) 7.125 11-01-20 500,000 405,625

Petrobras Global Finance BV 6.850 06-05-15 1,535,000 1,366,918

Petrobras Global Finance BV (L)(Z) 7.375 01-17-27 1,755,000 1,883,115

Petroleos Mexicanos 5.500 01-21-21 755,000 800,300

Phillips 66 Partners LP (Z) 4.900 10-01-46 1,585,000 1,550,306

Sabine Pass Liquefaction LLC (S)(Z) 5.000 03-15-27 1,000,000 1,055,385

Sabine Pass Liquefaction LLC (S)(Z) 5.875 06-30-26 610,000 680,202

SM Energy Company (L)(Z) 5.625 06-01-25 880,000 840,400

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 9

Rate (%) Maturity date Par value^ Value

Energy (continued)

Oil, gas and consumable fuels (continued)

SM Energy Company (L)(Z) 6.750 09-15-26 530,000 $533,975

Sunoco Logistics Partners Operations LP (Z) 3.900 07-15-26 425,000 421,301

Tallgrass Energy Partners LP (S) 5.500 09-15-24 915,000 919,575

Teekay Offshore Partners LP 6.000 07-30-19 1,085,000 1,014,475

Tesoro Corp. 5.125 04-01-24 650,000 685,750

Tesoro Logistics LP 5.250 01-15-25 870,000 923,288

Tesoro Logistics LP 6.125 10-15-21 635,000 662,781

Tesoro Logistics LP (L)(Z) 6.250 10-15-22 650,000 697,125

Tesoro Logistics LP 6.375 05-01-24 140,000 152,950

The Williams Companies, Inc. 4.550 06-24-24 600,000 614,250

Ultra Resources, Inc. (S) 7.125 04-15-25 270,000 267,470

Whiting Petroleum Corp. 5.750 03-15-21 705,000 701,475

Whiting Petroleum Corp. (L)(Z) 6.250 04-01-23 360,000 360,000

Williams Partners LP (Z) 4.875 03-15-24 2,795,000 2,899,801

WPX Energy, Inc. 5.250 09-15-24 1,400,000 1,372,000

Financials 20.2% 32,720,943

Banks 11.4%

Banco BTG Pactual SA (L)(S)(Z) 5.750 09-28-22 2,540,000 2,361,235

Citigroup, Inc. (6.125% to 11-15-20, then 3 month LIBOR + 4.478%) (Q)(Z) 6.125 11-15-20 1,000,000 1,065,550

Corp Group Banking SA (L)(S)(Z) 6.750 03-15-23 1,000,000 972,500

Credit Agricole SA (7.875% to 1-23-24, then 5 Year U.S. Swap Rate + 4.898%) (Q)(S)(Z) 7.875 01-23-24 865,000 925,394

Credit Agricole SA (8.125% to 12-23-25, then 5 Year U.S. Swap Rate + 6.185%) (Q)(S) 8.125 12-23-25 965,000 1,064,993

HSBC Holdings PLC (6.875% to 6-1-21, then 5 Year U.S. ISDAFIX + 5.514%) (Q)(Z) 6.875 06-01-21 760,000 823,080

ING Groep NV (6.000% to 4-16-20, then 5 Year U.S. Swap Rate + 4.445%) (L)(Q)(Z) 6.000 04-16-20 1,660,000 1,696,520

ING Groep NV (6.500% to 4-16-25, then 5 Year U.S. Swap Rate + 4.446%) (Q) 6.500 04-16-25 2,360,000 2,421,950

JPMorgan Chase & Co. (6.750% to 2-1-24, then 3 month LIBOR + 3.780%) (Q)(Z) 6.750 02-01-24 2,200,000 2,481,600

Lloyds Banking Group PLC (7.500% to 6-27-24, then 5 Year U.S. Swap Rate + 4.760%) (L)(Q)(Z) 7.500 06-27-24 1,465,000 1,578,538

Sberbank of Russia (S) 6.125 02-07-22 1,000,000 1,095,000

Societe Generale SA (7.375% to 9-13-21, then 5 Year U.S. Swap Rate + 6.238%) (L)(Q)(S)(Z) 7.375 09-13-21 790,000 835,425

Wells Fargo & Company (5.875% to 6-15-25, then 3 month LIBOR + 3.990%) (Q)(Z) 5.875 06-15-25 1,100,000 1,193,500

Capital markets 2.3%

Morgan Stanley (Z) 5.750 01-25-21 1,000,000 1,112,582

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 10

Rate (%) Maturity date Par value^ Value

Financials (continued)

Capital markets (continued)

Morgan Stanley (5.550% to 7-15-20, then 3 month LIBOR + 3.810%) (L)(Q)(Z) 5.550 07-15-20 1,160,000 $1,214,375

The Goldman Sachs Group, Inc. (Z) 3.750 05-22-25 375,000 381,783

The Goldman Sachs Group, Inc. (5.375% to 5-10-20, then 3 month LIBOR + 3.922%) (Q)(Z) 5.375 05-10-20 1,000,000 1,036,750

Consumer finance 1.5%

American Express Company (4.900% to 3-15-20, then 3 month LIBOR + 3.285%) (Q)(Z) 4.900 03-15-20 800,000 812,400

Enova International, Inc. (L)(Z) 9.750 06-01-21 665,000 678,300

Springleaf Finance Corp. 6.900 12-15-17 465,000 477,206

Springleaf Finance Corp. 8.250 10-01-23 500,000 536,250

Diversified financial services 1.2%

ASP AMC Merger Sub, Inc. (S) 8.000 05-15-25 835,000 828,738

Leucadia National Corp. 5.500 10-18-23 600,000 646,325

Lincoln Finance, Ltd. (S) 7.375 04-15-21 385,000 410,506

Insurance 1.5%

Aquarius & Investments PLC (6.375% to 9-1-19, then 5 Year U.S. Swap Rate + 5.210%) 6.375 09-01-24 1,200,000 1,285,500

MetLife, Inc. (Z) 6.817 08-15-18 1,000,000 1,064,805

Mortgage real estate investment trusts 0.6%

Starwood Property Trust, Inc. (S) 5.000 12-15-21 970,000 1,011,225

Thrifts and mortgage finance 1.7%

MGIC Investment Corp. 5.750 08-15-23 1,165,000 1,249,463

Nationstar Mortgage LLC 7.875 10-01-20 505,000 525,200

Stearns Holdings LLC (S) 9.375 08-15-20 925,000 934,250

Health care 9.2% 14,951,131

Health care equipment and supplies 0.5%

Team Health Holdings, Inc. (L)(S)(Z) 6.375 02-01-25 840,000 820,050

Health care providers and services 7.1%

Community Health Systems, Inc. (L)(Z) 5.125 08-01-21 770,000 763,263

Community Health Systems, Inc. 6.250 03-31-23 540,000 549,450

Community Health Systems, Inc. (L)(Z) 6.875 02-01-22 1,500,000 1,241,250

Covenant Surgical Partners, Inc. (S) 8.750 08-01-19 250,000 242,500

DaVita, Inc. 5.000 05-01-25 1,145,000 1,153,588

DaVita, Inc. 5.125 07-15-24 1,145,000 1,177,209

HCA, Inc. (Z) 5.250 04-15-25 1,000,000 1,074,690

HCA, Inc. 7.500 02-15-22 530,000 609,712

HealthSouth Corp. (L)(Z) 5.750 11-01-24 1,545,000 1,573,969

LifePoint Health, Inc. 5.875 12-01-23 1,500,000 1,548,750

Select Medical Corp. (L)(Z) 6.375 06-01-21 1,500,000 1,533,750

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 11

Rate (%) Maturity date Par value^ Value

Health care (continued)

Pharmaceuticals 1.6%

Mallinckrodt International Finance SA (L)(S)(Z) 5.500 04-15-25 1,350,000 $1,228,500

Mallinckrodt International Finance SA (L)(S)(Z) 5.750 08-01-22 1,460,000 1,434,450

Industrials 8.9% 14,431,185

Air freight and logistics 1.1%

Mexico City Airport Trust (L)(S)(Z) 5.500 10-31-46 1,280,000 1,265,600

XPO Logistics, Inc. (S) 6.500 06-15-22 570,000 603,488

Airlines 1.3%

Air Canada 2013-1 Class C Pass Through Trust (S) 6.625 05-15-18 1,550,000 1,604,250

TAM Capital 3, Inc. (S) 8.375 06-03-21 505,000 523,306

Building products 0.3%

Masco Corp. (Z) 4.450 04-01-25 500,000 531,685

Commercial services and supplies 1.2%

GW Honos Security Corp. (S) 8.750 05-15-25 705,000 714,694

LSC Communications, Inc. (S) 8.750 10-15-23 735,000 758,888

Tervita Escrow Corp. (S) 7.625 12-01-21 410,000 421,275

Construction and engineering 0.6%

AECOM (S) 5.125 03-15-27 950,000 951,093

Industrial conglomerates 0.5%

Odebrecht Finance, Ltd. (S) 8.250 04-25-18 BRL 2,250,000 432,413

Odebrecht Offshore Drilling Finance, Ltd. (S) 6.750 10-01-23 826,900 322,491

Professional services 0.4%

IHS Markit, Ltd. (S)(Z) 4.750 02-15-25 575,000 601,594

Road and rail 0.6%

The Kenan Advantage Group, Inc. (S) 7.875 07-31-23 900,000 929,250

Trading companies and distributors 2.9%

AerCap Global Aviation Trust (6.500% to 6-15-25, then 3 month LIBOR + 4.300%) (L)(S)(Z) 6.500 06-15-45 800,000 840,000

AerCap Ireland Capital DAC (Z) 4.500 05-15-21 395,000 417,577

Ahern Rentals, Inc. (S) 7.375 05-15-23 1,320,000 1,135,200

Aircastle, Ltd. (Z) 5.125 03-15-21 785,000 837,006

United Rentals North America, Inc. (L)(Z) 5.500 07-15-25 1,475,000 1,541,375

Information technology 3.8% 6,133,142

Electronic equipment, instruments and components 0.2%

Ingram Micro, Inc. (Z) 5.450 12-15-24 250,000 250,912

IT services 0.9%

Sixsigma Networks Mexico SA de CV (L)(S)(Z) 8.250 11-07-21 1,500,000 1,500,000

Semiconductors and semiconductor equipment 1.0%

Micron Technology, Inc. 5.500 02-01-25 197,000 205,865

Micron Technology, Inc. (Z) 7.500 09-15-23 820,000 918,400

NXP BV (S)(Z) 4.625 06-01-23 535,000 575,794

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 12

Rate (%) Maturity date Par value^ Value

Information technology (continued)

Software 0.7%

Activision Blizzard, Inc. (S)(Z) 6.125 09-15-23 1,000,000 $1,085,000

Technology hardware, storage and peripherals 1.0%

Dell International LLC (S)(Z) 6.020 06-15-26 1,450,000 1,597,171

Materials 17.3% 28,005,617

Chemicals 5.2%

Ashland LLC (Z) 6.875 05-15-43 845,000 925,275

Braskem Finance, Ltd. 6.450 02-03-24 700,000 745,500

Kraton Polymers LLC (S) 7.000 04-15-25 900,000 945,000

Mexichem SAB de CV (L)(S)(Z) 6.750 09-19-42 1,500,000 1,608,750

Platform Specialty Products Corp. (L)(S)(Z) 6.500 02-01-22 1,115,000 1,142,875

Rain CII Carbon LLC (S) 7.250 04-01-25 800,000 802,000

Rain CII Carbon LLC (S) 8.250 01-15-21 209,000 216,838

The Chemours Company 6.625 05-15-23 740,000 791,800

The Scotts Miracle-Gro Company 6.000 10-15-23 490,000 523,688

Tronox Finance LLC (L)(Z) 6.375 08-15-20 500,000 508,125

Tronox Finance LLC (L)(S)(Z) 7.500 03-15-22 280,000 292,600

Construction materials 0.8%

Standard Industries, Inc. (S) 5.375 11-15-24 1,220,000 1,271,850

Containers and packaging 3.2%

Ardagh Packaging Finance PLC (S) 6.000 02-15-25 1,185,000 1,224,994

Ball Corp. (L)(Z) 5.250 07-01-25 1,425,000 1,539,000

BWAY Holding Company (S) 7.250 04-15-25 700,000 699,125

Crown Americas LLC 4.500 01-15-23 1,000,000 1,032,500

Graphic Packaging International, Inc. 4.875 11-15-22 650,000 680,063

Metals and mining 7.6%

Anglo American Capital PLC (S)(Z) 4.750 04-10-27 650,000 672,120

AngloGold Ashanti Holdings PLC (L)(Z) 5.375 04-15-20 675,000 710,775

ArcelorMittal (L)(Z) 7.000 02-25-22 880,000 997,700

First Quantum Minerals, Ltd. (L)(S)(Z) 7.250 05-15-22 875,000 901,250

First Quantum Minerals, Ltd. (S) 7.500 04-01-25 600,000 612,000

FMG Resources August 2006 Pty, Ltd. (S)(Z) 9.750 03-01-22 670,000 770,919

Freeport-McMoRan, Inc. (L)(S)(Z) 6.875 02-15-23 1,340,000 1,410,350

Lundin Mining Corp. (S) 7.500 11-01-20 675,000 715,500

MMC Norilsk Nickel OJSC (S) 5.550 10-28-20 750,000 803,625

Severstal OAO (S) 4.450 03-19-18 1,000,000 1,019,308

Teck Resources, Ltd. 6.250 07-15-41 1,110,000 1,176,600

Vale Overseas, Ltd. 5.875 06-10-21 1,120,000 1,209,600

Vale Overseas, Ltd. 6.250 08-10-26 1,165,000 1,273,112

Paper and forest products 0.5%

Norbord, Inc. (S) 6.250 04-15-23 735,000 782,775

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 13

Rate (%) Maturity date Par value^ Value

Real estate 2.5% $4,092,298

Equity real estate investment trusts 2.1%

Crown Castle Towers LLC (S)(Z) 4.883 08-15-40 750,000 799,820

Trust F/1401 (L)(S)(Z) 5.250 12-15-24 2,475,000 2,549,498

Real estate management and development 0.4%

Rialto Holdings LLC (S) 7.000 12-01-18 732,000 742,980

Telecommunication services 12.3% 19,852,414

Diversified telecommunication services 7.3%

CenturyLink, Inc. (L)(Z) 7.500 04-01-24 620,000 673,475

CSC Holdings LLC (L)(S)(Z) 5.500 04-15-27 1,045,000 1,080,269

Frontier Communications Corp. 7.125 03-15-19 530,000 559,150

Frontier Communications Corp. (L)(Z) 11.000 09-15-25 860,000 828,825

GCI, Inc. (L)(Z) 6.875 04-15-25 935,000 1,005,125

Intelsat Jackson Holdings SA 7.500 04-01-21 840,000 768,600

Level 3 Financing, Inc. 5.625 02-01-23 825,000 855,938

SBA Communications Corp. 4.875 07-15-22 1,135,000 1,169,050

SFR Group SA (S) 6.250 05-15-24 1,675,000 1,733,625

Telecom Italia Capital SA 6.000 09-30-34 720,000 736,200

Wind Acquisition Finance SA (S) 7.375 04-23-21 1,000,000 1,040,000

Windstream Services LLC (L)(Z) 7.500 06-01-22 1,375,000 1,337,188

Wireless telecommunication services 5.0%

America Movil SAB de CV 6.000 06-09-19 MXN 8,670,000 442,438

America Movil SAB de CV 6.450 12-05-22 MXN 10,370,000 511,046

Colombia Telecomunicaciones SA ESP (S) 5.375 09-27-22 1,000,000 1,015,000

Digicel, Ltd. (L)(S)(Z) 6.000 04-15-21 405,000 384,750

Sprint Communications, Inc. 6.000 11-15-22 935,000 974,153

T-Mobile USA, Inc. (L)(Z) 6.500 01-15-26 1,560,000 1,729,650

T-Mobile USA, Inc. 6.625 04-01-23 1,255,000 1,341,281

Telefonica Celular del Paraguay SA (S) 6.750 12-13-22 1,000,000 1,043,220

VimpelCom Holdings BV (S) 7.504 03-01-22 550,000 623,431

Utilities 7.8% 12,585,731

Electric utilities 2.7%

Abengoa Transmision Sur SA (S) 6.875 04-30-43 2,025,737 2,180,199

Beaver Valley II Funding Corp. 9.000 06-01-17 5,000 5,030

BVPS II Funding Corp. 8.890 06-01-17 13,000 13,016

Empresa Electrica Angamos SA (L)(S)(Z) 4.875 05-25-29 1,000,000 1,014,573

FPL Energy National Wind LLC (S) 5.608 03-10-24 50,961 50,961

Israel Electric Corp., Ltd. (S) 5.000 11-12-24 1,000,000 1,079,160

Gas utilities 2.0%

AmeriGas Partners LP (L)(Z) 5.625 05-20-24 900,000 915,750

AmeriGas Partners LP 5.750 05-20-27 1,000,000 1,002,500

Southern Gas Corridor CJSC (L)(S)(Z) 6.875 03-24-26 1,250,000 1,379,563

Independent power and renewable electricity producers 3.1%

NRG Energy, Inc. 6.250 07-15-22 1,320,000 1,344,829

NRG Energy, Inc. (L)(Z) 6.625 01-15-27 600,000 594,000

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 14

Rate (%) Maturity date Par value^ Value

Utilities (continued)

Independent power and renewable electricity producers (continued)

NRG Energy, Inc. (L)(Z) 7.250 05-15-26 450,000 $460,125

NRG Yield Operating LLC (L)(Z) 5.375 08-15-24 2,490,000 2,546,025

Term loans (M) 0.4% (0.3% of Total investments) $686,961

(Cost $915,284)

Industrials 0.4% 686,961

Airlines 0.0%

Global Aviation Holdings, Inc., PIK (H) 3.000 02-13-18 514,063 0

Global Aviation Holdings, Inc., PIK (H) 10.000 07-31-17 51,038 0

Machinery 0.4%

Gardner Denver, Inc. 4.559 07-30-20 687,532 686,961

Capital preferred securities (a) 0.7% (0.5% of Total investments) $1,152,000

(Cost $1,147,047)

Financials 0.7% 1,152,000

Diversified financial services 0.7%

ILFC E-Capital Trust II (P)(S) 4.910 12-21-65 1,200,000 1,152,000

U.S. Government and Agency obligations 6.2% (4.1% of Total investments) $10,083,003

(Cost $9,954,208)

U.S. Government Agency 6.2% 10,083,003

Federal National Mortgage Association

15 Yr Pass Thru 4.000 12-01-24 775,796 819,696

30 Yr Pass Thru 4.000 12-01-40 2,335,598 2,487,229

30 Yr Pass Thru 4.000 09-01-41 2,120,509 2,247,905

30 Yr Pass Thru 4.000 10-01-41 1,187,120 1,260,852

30 Yr Pass Thru 4.000 01-01-42 586,758 623,384

30 Yr Pass Thru 4.500 10-01-40 1,531,124 1,662,286

30 Yr Pass Thru 5.000 04-01-41 356,307 395,083

30 Yr Pass Thru 5.500 08-01-40 118,848 132,933

30 Yr Pass Thru 6.500 01-01-39 393,775 453,635

Foreign government obligations 3.9% (2.6% of Total investments) $6,345,364

(Cost $6,432,959)

Argentina 2.2% 3,504,380

Republic of Argentina

Bond (L) (Z) 5.625 01-26-22 1,060,000 1,103,990

Bond 7.500 04-22-26 1,200,000 1,314,600

Bond 7.625 04-22-46 1,020,000 1,085,790

Mexico 0.6% 956,590

Government of Mexico
Bond 10.000 12-05-24 MXN 15,430,000 956,590

Saudi Arabia 1.1% 1,884,394

Kingdom of Saudi Arabia
Bond (S) 3.250 10-26-26 1,930,000 1,884,394

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 15

Rate (%) Maturity date Par value^ Value

Collateralized mortgage obligations 1.8% (1.2% of Total investments) $2,876,503

(Cost $2,132,001)

Commercial and residential 1.6% 2,496,753

Bear Stearns Adjustable Rate Mortgage Trust
Series 2005-2, Class A1 (P) 3.260 03-25-35 201,901 202,851

Bear Stearns Asset Backed Securities Trust
Series 2004-AC5, Class A1 (P) 5.250 10-25-34 193,621 193,278

Deutsche Mortgage Securities, Inc. Mortgage Loan Trust
Series 2004-4, Class 2AR1 (P) 1.531 06-25-34 257,745 246,511

HarborView Mortgage Loan Trust

Series 2007-3, Class ES IO (S) 0.350 05-19-47 4,356,252 67,247

Series 2007-4, Class ES IO 0.350 07-19-47 4,720,799 67,876

Series 2007-6, Class ES IO (S) 0.343 08-19-37 3,684,212 46,498

IndyMac Index Mortgage Loan Trust

Series 2005-AR18, Class 1X IO 1.793 10-25-36 5,934,705 395,110

Series 2005-AR18, Class 2X IO 1.569 10-25-36 5,275,898 191,479

MSCG Trust
Series 2016-SNR, Class D (S) 6.550 11-15-34 1,090,000 1,085,903

U.S. Government Agency 0.2% 379,750

Federal Home Loan Mortgage Corp.

Series K017, Class X1 IO 1.511 12-25-21 2,629,455 136,047

Series K709, Class X1 IO 1.645 03-25-19 3,059,392 70,725

Series K710, Class X1 IO 1.886 05-25-19 3,104,055 88,051

Government National Mortgage Association
Series 2012-114, Class IO 0.822 01-16-53 1,507,525 84,927

Asset backed securities 1.1% (0.7% of Total investments) $1,763,492

(Cost $1,776,799)

ContiMortgage Home Equity Loan Trust
Series 1995-2, Class A5 8.100 08-15-25 20,562 15,103

Domino's Pizza Master Issuer LLC
Series 2015-1A, Class A2I (S) 3.484 10-25-45 987,500 991,530

Driven Brands Funding LLC
Series 2015-1A, Class A2 (S) 5.216 07-20-45 768,300 756,859

Shares Value

Preferred securities (b) 2.4% (1.6% of Total investments) $3,907,759

(Cost $3,621,297)

Financials 0.6% 1,067,029

Diversified financial services 0.6%

GMAC Capital Trust I, 6.824% (P) 41,910 1,067,029

Health care 0.4% 630,288

Pharmaceuticals 0.4%

Allergan PLC, 5.500% 728 630,288

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 16

Shares Value

Real estate 0.6% $940,320

Equity real estate investment trusts 0.6%

American Tower Corp., 5.250% 8,000 940,320

Utilities 0.8% 1,270,122

Electric utilities 0.4%

NextEra Energy, Inc., 6.123% 12,160 637,184

Multi-utilities 0.4%

DTE Energy Company, 6.500% 11,745 632,938

Common stocks 0.6% (0.4% of Total investments) $921,741

(Cost $2,622,260)

Consumer discretionary 0.0% 0

Media 0.0%

Vertis Holdings, Inc. (I) 34,014 0

Energy 0.6% 921,741

Oil, gas and consumable fuels 0.6%

Energy XXI Gulf Coast, Inc. (I) 11,614 319,385

Pacific Exploration and Production Corp. (I) 3,651 107,595

SandRidge Energy, Inc. (I) 26,860 494,761

Industrials 0.0% 0

Airlines 0.0%

Global Aviation Holdings, Inc., Class A (I) 82,159 0

Yield* (%) Maturity date Par value^ Value

Short-term investments 4.2% (2.8% of Total investments) $6,776,000

(Cost $6,776,000)

U.S. Government Agency 3.6% 5,796,000

Federal Home Loan Bank Discount Note 0.680 05-01-17 5,796,000 5,796,000

Par value^ Value

Repurchase agreement 0.6% 980,000

Repurchase Agreement with State Street Corp. dated 4-28-17 at 0.220% to be repurchased at $980,018 on 5-1-17, collateralized by $955,000 U.S. Treasury Inflation Indexed Notes, 0.125% due 4-15-19 (valued at $1,001,819, including interest) 980,000 980,000

Total investments (Cost $238,354,606)† 150.5% $243,568,351

Other assets and liabilities, net (50.5%) ($81,728,793 )

Total net assets 100.0% $161,839,558

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 17

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund unless otherwise indicated.

^All par values are denominated in U.S. dollars unless otherwise indicated.

Currency Abbreviations

BRL Brazilian Real

MXN Mexican Peso

Security Abbreviations and Legend

IO Interest Only Security — (Interest Tranche of Stripped Mortgage Pool). Rate shown is the effective yield at period end.

ISDAFIX International Swaps and Derivatives Association Fixed Interest Rate Swap Rate

LIBOR London Interbank Offered Rate

PIK Payment-in-kind

(a) Includes hybrid securities with characteristics of both equity and debt that trade with, and pay, interest income.

(b) Includes preferred stocks and hybrid securities with characteristics of both equity and debt that pay dividends on a periodic basis.

(H) Non-income producing - Issuer is in default.

(I) Non-income producing security.

(L) A portion of this security is on loan as of 4-30-17, and is a component of the fund's leverage under the Liquidity Agreement.

(M) Term loans are variable rate obligations. The coupon rate shown represents the rate at period end.

(P) Variable rate obligation. The coupon rate shown represents the rate at period end.

(Q) Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.

(S) These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $97,622,250 or 60.3% of the fund's net assets as of 4-30-17.

(Z) All or a portion of this security is pledged as collateral pursuant to the Liquidity Agreement. Total collateral value at 4-30-17 was $95,415,839. A portion of the securities pledged as collateral were loaned pursuant to the Liquidity Agreement. The value of securities on loan amounted to $54,349,101.

* Yield represents either the annualized yield at the date of purchase, the stated coupon rate or, for floating rate securities, the rate at period end.

† At 4-30-17, the aggregate cost of investment securities for federal income tax purposes was $239,160,108. Net unrealized appreciation aggregated to $4,408,243, of which $10,100,627 related to appreciated investment securities and $5,692,384 related to depreciated investment securities.

DERIVATIVES

SWAPS

Interest rate swaps

Counterparty Notional
amount Currency Payments
made
by fund Payments
received
by fund Fixed
payment
frequency Floating
payment
frequency Maturity
date Unamortized
upfront
payment
paid
(received) Unrealized
appreciation
(depreciation) Market
value

Morgan Stanley
Capital Services 22,000,000 USD Fixed
1.09375% 3 Month
LIBOR ^(a) Semi-
Annual Quarterly May
2017 — ($63,247 ) ($63,247 )

^(a) At 4-30-17, 3-Month LIBOR was 1.1723%

See Notes to financial statements regarding investment transactions and other derivatives information.

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 18

Financial statements

STATEMENT OF ASSETS AND LIABILITIES 4-30-17 (unaudited)

Assets

Investments, at value (Cost $238,354,606) $243,568,351

Cash 25,434

Cash segregated at custodian for derivative contracts 20,000

Receivable for investments sold 3,099,022

Dividends and interest receivable 3,309,405

Other receivables and prepaid expenses 227,782

Total assets 250,249,994

Liabilities

Liquidity agreement 86,900,000

Payable for investments purchased 1,250,069

Swap contracts, at value 63,247

Interest payable 115,201

Payable to affiliates

Accounting and legal services fees 11,894

Trustees' fees 64

Other liabilities and accrued expenses 69,961

Total liabilities 88,410,436

Net assets $161,839,558

Net assets consist of

Paid-in capital $174,773,699

Undistributed net investment income 830,346

Accumulated net realized gain (loss) on investments, foreign currency transactions and swap agreements (18,919,783 )

Net unrealized appreciation (depreciation) on investments, translation of assets and liabilities in foreign currencies and swap agreements 5,155,296

Net assets $161,839,558

Net asset value per share

Based on 8,707,025 shares of beneficial interest outstanding — unlimited number of shares authorized with no par value $18.59

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 19

STATEMENT OF OPERATIONS For the six months ended 4-30-17 (unaudited)

Investment income

Interest $6,986,147

Dividends 103,878

Total investment income 7,090,025

Expenses

Investment management fees 652,261

Interest expense 607,757

Accounting and legal services fees 27,806

Transfer agent fees 30,958

Trustees' fees 21,526

Printing and postage 47,736

Professional fees 51,768

Custodian fees 15,097

Stock exchange listing fees 11,738

Other 3,447

Total expenses 1,470,094

Less expense reductions (9,292 )

Net expenses 1,460,802

Net investment income 5,629,223

Realized and unrealized gain (loss)

Net realized gain (loss) on

Investments and foreign currency transactions 1,237,433

Swap contracts (22,537 )

1,214,896

Change in net unrealized appreciation (depreciation) of

Investments and translation of assets and liabilities in foreign currencies 2,970,290

Swap contracts 26,797

2,997,087

Net realized and unrealized gain 4,211,983

Increase in net assets from operations $9,841,206

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 20

STATEMENTS OF CHANGES IN NET ASSETS

Six months ended 4-30-17 Year ended 10-31-16

(unaudited)

Increase (decrease) in net assets

From operations

Net investment income $5,629,223 $11,493,949

Net realized gain (loss) 1,214,896 (3,782,717 )

Change in net unrealized appreciation (depreciation) 2,997,087 12,050,935

Increase in net assets resulting from operations 9,841,206 19,762,167

Distributions to shareholders

From net investment income (5,653,471 ) (12,180,155 )

From fund share transactions

Repurchased — (1,180,832 )

Total from fund share transactions — (1,180,832 )

Total increase 4,187,735 6,401,180

Net assets

Beginning of period 157,651,823 151,250,643

End of period $161,839,558 $157,651,823

Undistributed net investment income $830,346 $854,594

Share activity

Shares outstanding

Beginning of period 8,707,025 8,791,425

Shares repurchased — (84,400 )

End of period 8,707,025 8,707,025

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 21

STATEMENT OF CASH FLOWS For the six months ended 4-30-17 (unaudited)

Cash flows from operating activities

Net increase in net assets from operations $9,841,206

Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:

Long-term investments purchased (62,340,985)

Long-term investments sold 68,579,233

Increase in short-term investments (4,891,000)

Net amortization of premium (discount) 213,049

Decrease in cash segregated at custodian for derivative contracts 270,000

Increase in receivable for investments sold (1,342,139)

Decrease in dividends and interest receivable 27,908

Increase in other receivables and prepaid assets (12,893)

Decrease in payable for investments purchased (466,894)

Decrease in unrealized appreciation (depreciation) of swap contracts (26,797)

Increase in interest payable 30,538

Decrease in payable to affiliates (1,125)

Decrease in other liabilities and accrued expenses (15,885)

Net change in unrealized (appreciation) depreciation on investments (2,964,852)

Net realized gain on investments (1,243,533)

Net cash provided by operating activities $5,655,831

Cash flows from financing activities

Distributions to common shareholders net of reinvestments ($5,653,471)

Net cash used in financing activities ($5,653,471 )

Net increase in cash $2,360

Cash at beginning of period 23,074

Cash at end of period $25,434

Supplemental disclosure of cash flow information

Cash paid for interest $577,219

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 22

Financial highlights

COMMON SHARES Period Ended 4-30-17¹ 10-31-16 10-31-15 10-31-14 10-31-13 10-31-12

Per share operating performance

Net asset value, beginning of period $18.11 $17.20 $19.56 $19.76 $20.44 $19.19

Net investment income² 0.65 1.32 1.41 1.58 1.61 1.88

Net realized and unrealized gain (loss) on investments 0.48 0.96 (2.28 ) (0.14 ) (0.59 ) 1.30

Total from investment operations 1.13 2.28 (0.87 ) 1.44 1.02 3.18

Less distributions to common shareholders

From net investment income (0.65 ) (1.39 ) (1.49 ) (1.64 ) (1.71 ) (1.94 )

Anti-dilutive impact of repurchase plan — 0.02 ³ — — — —

Anti-dilutive impact of shelf offering — — — — ⁴ 0.01 0.01

Net asset value, end of period $18.59 $18.11 $17.20 $19.56 $19.76 $20.44

Per share market value, end of period $17.51 $16.73 $15.20 $19.06 $19.30 $22.24

Total return at net asset value (%)^5,6 6.63 ⁷ 14.95 (3.85 ) 7.65 5.09 16.14

Total return at market value (%)⁶ 8.72 ⁷ 20.17 (12.80 ) 7.40 (5.66 ) 11.13

Ratios and supplemental data

Net assets applicable to common shares, end of period (in millions) $162 $158 $151 $172 $173 $176

Ratios (as a percentage of average net assets):

Expenses before reductions 1.89 ⁸ 1.79 1.54 1.38 1.41 1.57

Expenses including reductions⁹ 1.88 ⁸ 1.78 1.53 1.37 1.41 1.57

Net investment income 7.24 ⁸ 7.75 7.70 7.94 8.00 9.65

Portfolio turnover (%) 26 62 74 71 61 56

Senior securities

Total debt outstanding end of period (in millions) $87 $87 $87 $87 $86 $86

Asset coverage per $1,000 of debt¹⁰ $2,862 $2,814 $2,741 $2,979 $3,013 $3,054

1 Six months ended 4-30-17. Unaudited.

2 Based on average daily shares outstanding.

3 The repurchase plan was completed at an average repurchase price of $13.99 for 84,400 shares, which equals $1,180,832 in redemptions for the year ended 10-31-16.

4 Less than $0.005 per share.

5 Total returns would have been lower had certain expenses not been reduced during the applicable periods.

6 Total return based on net asset value reflects changes in the fund's net asset value during each period. Total return based on market value reflects changes in market value. Each figure assumes that distributions from income, capital gains and tax return of capital, if any, were reinvested. These figures will differ depending upon the level of any discount from or premium to net asset value at which the fund's shares traded during the period.

7 Not annualized.

8 Annualized.

9 Expenses including reductions excluding interest expense were 1.10% (annualized), 1.16%, 1.06%, 1.05%, 1.07% and 1.07% for the periods ended 4-30-17, 10-31-16, 10-31-15, 10-31-14, 10-31-13 and 10-31-12, respectively.

10 Asset coverage equals the total net assets plus borrowings divided by the borrowings of the fund outstanding at period end (Note 8). As debt outstanding changes, the level of invested assets may change accordingly. Asset coverage ratio provides a measure of leverage.

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 23

Notes to financial statements (unaudited)

Note 1 — Organization

John Hancock Investors Trust (the fund) is a closed-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act).

In 2012 and 2015, the fund filed registration statements with the Securities and Exchange Commission (SEC), registering an additional 1,000,000 and 1,000,000 common shares, respectively, through equity shelf offering programs. Under these programs, the fund, subject to market conditions, may raise additional equity capital from time to time by offering new common shares at a price equal to or above the fund's net asset value (NAV) per common share.

Note 2 — Significant accounting policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP), which require management to make certain estimates and assumptions as of the date of the financial statements. Actual results could differ from those estimates and those differences could be significant. The fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of US GAAP.

Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the fund:

Security valuation. Investments are stated at value as of the scheduled close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 p.m., Eastern Time. In case of emergency or other disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the NAV may be determined as of the regularly scheduled close of the NYSE pursuant to the fund's Valuation Policies and Procedures.

In order to value the securities, the fund uses the following valuation techniques: Debt obligations are valued based on the evaluated prices provided by an independent pricing vendor or from broker-dealers. Independent pricing vendors utilize matrix pricing which takes into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker supplied prices. Equity securities held by the fund are typically valued at the last sale price or official closing price on the exchange or principal market where the security trades. In the event there were no sales during the day or closing prices are not available, the securities are valued using the last available bid price. Swaps are valued using evaluated prices obtained from an independent pricing vendor. Foreign securities are valued in U.S. dollars based on foreign currency exchange rates supplied by an independent pricing vendor.

In certain instances, the Pricing Committee may determine to value equity securities using prices obtained from another exchange or market if trading on the exchange or market on which prices are typically obtained did not open for trading as scheduled, or if trading closed earlier than scheduled, and trading occurred as normal on another exchange or market.

Other portfolio securities and assets, for which reliable market quotations are not readily available, are valued at fair value as determined in good faith by the fund's Pricing Committee following procedures established by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed.

The fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the fund's own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 24

securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.

As of April 30, 2017, all investments are categorized as Level 2 under the hierarchy described above, except for common stocks and preferred securities, which are categorized as Level 1.

Repurchase agreements. The fund may enter into repurchase agreements. When the fund enters into a repurchase agreement, it receives collateral that is held in a segregated account by the fund's custodian. The collateral amount is marked-to-market and monitored on a daily basis to ensure that the collateral held is in an amount not less than the principal amount of the repurchase agreement plus any accrued interest. Collateral received by the fund for repurchase agreements is disclosed in the Fund's investments as part of the caption related to the repurchase agreement.

Repurchase agreements are typically governed by the terms and conditions of the Master Repurchase Agreement and/or Global Master Repurchase Agreement (collectively, MRA). Upon an event of default, the non-defaulting party may close out all transactions traded under the MRA and net amounts owed. Absent an event of default, assets and liabilities resulting from repurchase agreements are not offset in the Statement of assets and liabilities. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the collateral value may decline or the counterparty may have insufficient assets to pay back claims resulting from close-out of the transactions.

Term loans (Floating rate loans). The fund may invest in term loans, which often include debt securities that are rated below investment grade at the time of purchase. Term loans are generally subject to legal or contractual restrictions on resale and generally have longer settlement periods than conventional debt securities. Term loans involve special types of risk, including credit risk, interest-rate risk, counterparty risk and risk associated with extended settlement. The liquidity of term loans, including the volume and frequency of secondary market trading in such loans, varies significantly over time and among individual loans. During periods of infrequent trading, valuing a term loan can be more difficult and buying and selling a term loan at an acceptable price can be more difficult and delayed, which could result in a loss.

The fund's ability to receive payments of principal, interest and other amounts in connection with term loans will depend primarily on the financial condition of the borrower. The fund's failure to receive scheduled payments on a term loan due to a default, bankruptcy or other reason would adversely affect the fund's income and would likely reduce the value of its assets. Transactions in loan investments typically take a significant amount of time (i.e., seven days or longer) to settle. This could pose a liquidity risk to the fund and, if the fund's exposure to such investments is substantial, could impair the fund's ability to meet redemptions. Because term loans may not be rated by independent credit rating agencies, a decision to invest in a particular loan could depend exclusively on the subadvisor's credit analysis of the borrower and/or term loan agents. There is greater risk that the fund may have limited rights to enforce the terms of an underlying loan than for other types of debt instruments.

At April 30, 2017, the fund had $1,295,000 in unfunded loan commitments outstanding.

Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily NAV calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful. Dividend income is recorded on the ex-date, except for dividends of foreign securities where the dividend may not be known until after the ex-date. In those cases, dividend income, net of withholding taxes, is recorded when the fund becomes aware of the dividends. Distributions received on securities that represent a tax return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain if amounts are estimable. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

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Foreign currency translation. Assets, including investments and liabilities denominated in foreign currencies, are translated into U.S. dollar values each day at the prevailing exchange rate. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on the value of securities is reflected as a component of the realized and unrealized gains (losses) on investments.

Funds that invest internationally generally carry more risk than funds that invest strictly in U.S. securities. These risks are heightened for investments in emerging markets. Risks can result from differences in economic and political conditions, regulations, market practices (including higher transaction costs), accounting standards and other factors. Foreign investments are also subject to a decline in the value of a foreign currency versus the U.S. dollar, which reduces the dollar value of securities denominated in that currency.

Stripped securities. Stripped securities are financial instruments structured to separate principal and interest cash flows so that one class receives principal payments from the underlying assets (PO or principal only), while the other class receives the interest cash flows (IO or interest only). Both PO and IO investments represent an interest in the cash flows of an underlying stripped security. If the underlying assets experience greater than anticipated prepayments of principal, the fund may fail to fully recover its initial investment in an IO security. The market value of these securities can be extremely volatile in response to changes in interest rates or prepayments on the underlying securities. In addition, these securities present additional credit risk such that the fund may not receive all or part of its principal or interest payments because the borrower or issuer has defaulted on its obligation.

Overdrafts. Pursuant to the custodian agreement, the fund's custodian may, in its discretion, advance funds to the fund to make properly authorized payments. When such payments result in an overdraft, the fund is obligated to repay the custodian for any overdraft, including any costs or expenses associated with the overdraft. The custodian may have a lien, security interest or security entitlement in any fund property that is not otherwise segregated or pledged, to the maximum extent permitted by law, to the extent of any overdraft.

Expenses. Within the John Hancock group of funds complex, expenses that are directly attributable to an individual fund are allocated to such fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund's relative net assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Federal income taxes. The fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.

Under the Regulated Investment Company Modernization Act of 2010, the fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Any losses incurred during those taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

For federal income tax purposes, as of October 31, 2016, the fund has a capital loss carryforward of $19,458,095 available to offset future net realized capital gains. The following table details the capital loss carryforward available:

Capital loss carryforward expiring October 31 No expiration date

2017 2019 Short term Long term

$2,675,603 $2,044,097 $3,544,289 $11,194,106

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As of October 31, 2016, the fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The fund's federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.

Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The fund generally declares and pays dividends quarterly and capital gain distributions, if any, annually.

Such distributions, on a tax basis, are determined in conformity with income tax regulations, which may differ from US GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to contingent payment debt instruments, defaulted bonds, expiration of a capital loss carryforward, derivative transactions and amortization and accretion on debt securities.

Statement of cash flows. Information on financial transactions that have been settled through the receipt and disbursement of cash is presented in the Statement of cash flows. The cash amount shown in the Statement of cash flows is the amount included in the fund's Statement of assets and liabilities and represents the cash on hand at the fund's custodian and does not include any short-term investments or cash segregated at the custodian for derivative contracts.

Note 3 — Derivative instruments

The fund may invest in derivatives in order to meet its investment objectives. Derivatives include a variety of different instruments that may be traded in the over-the-counter (OTC) market, on a regulated exchange or through a clearing facility. The risks in using derivatives vary depending upon the structure of the instruments, including the use of leverage, optionality, the liquidity or lack of liquidity of the contract, the creditworthiness of the counterparty or clearing organization and the volatility of the position. Some derivatives involve risks that are potentially greater than the risks associated with investing directly in the referenced securities or other referenced underlying instrument. Specifically, the fund is exposed to the risk that the counterparty to an OTC derivatives contract will be unable or unwilling to make timely settlement payments or otherwise honor its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction.

Certain swaps are typically traded through the OTC market. Derivative counterparty risk is managed through an ongoing evaluation of the creditworthiness of all potential counterparties and, if applicable, designated clearing organizations. The fund attempts to reduce its exposure to counterparty risk for derivatives traded in the OTC market, whenever possible, by entering into an International Swaps and Derivatives Association (ISDA) Master Agreement with each of its OTC counterparties. The ISDA gives each party to the agreement the right to terminate all transactions traded under the agreement if there is certain deterioration in the credit quality or contractual default of the other party, as defined in the ISDA. Upon an event of default or a termination of the ISDA, the non-defaulting party has the right to close out all transactions and to net amounts owed.

As defined by the ISDA, the fund may have collateral agreements with certain counterparties to mitigate counterparty risk on OTC derivatives. Subject to established minimum levels, collateral for OTC transactions is generally determined based on the net aggregate unrealized gain or loss on contracts with a particular counterparty. Collateral pledged to the fund is held in a segregated account by a third-party agent or held by the custodian bank for the benefit of the fund and can be in the form of cash or debt securities issued by the U.S. government or related agencies; collateral posted by the fund for OTC transactions is held in a segregated account at the fund's custodian and is noted in the accompanying Fund's investments, or if cash is posted, on the Statement of assets and liabilities. The fund's maximum risk of loss due to counterparty risk is equal to the asset value of outstanding contracts offset by collateral received.

Interest rate swaps. Interest rate swaps represent an agreement between the fund and a counterparty to exchange cash flows based on the difference between two interest rates applied to a notional amount. The payment flows are usually netted

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 27

against each other, with the difference being paid by one party to the other. The fund settles accrued net interest receivable or payable under the swap contracts at specified, future intervals. Swap agreements are privately negotiated in the OTC market or may be executed on a registered commodities exchange (centrally cleared swaps). Swaps are marked-to-market daily and the change in value is recorded as unrealized appreciation/depreciation of swap contracts. A termination payment by the counterparty or the fund is recorded as realized gain or loss, as well as the net periodic payments received or paid by the fund. The value of the swap will typically impose collateral posting obligations on the party that is considered out-of-the-money on the swap.

Entering into swap agreements involves, to varying degrees, elements of credit, market and documentation risk that may provide outcomes that are in excess of the amounts recognized on the Statement of assets and liabilities. Such risks involve the possibility that there will be no liquid market for the swap, or that a counterparty may default on its obligation or delay payment under the swap terms. The counterparty may disagree or contest the terms of the swap. In addition to interest rate risk, market risks may also impact the swap. The fund may also suffer losses if it is unable to terminate or assign outstanding swaps or reduce its exposure through offsetting transactions.

During the six months ended April 30, 2017, the fund used interest rate swaps in anticipation of rising interest rates. No interest rate swap positions were entered into or closed during the six months ended April 30, 2017.

Fair value of derivative instruments by risk category

The table below summarizes the fair value of derivatives held by the fund at April 30, 2017 by risk category:

Risk Statement of assets and
liabilities location Financial
instruments location Assets derivatives fair value Liabilities derivative
fair value

Interest rate Swap contracts, at value Interest rate swaps — ($63,247 )

For financial reporting purposes, the portfolio does not offset OTC derivative assets or liabilities that are subject to master netting arrangements, as defined by the ISDAs, in the Statement of assets and liabilities. In the event of default by the counterparty or a termination of the agreement, the ISDA allows an offset of amounts across the various transactions between the fund and the applicable counterparty.

Effect of derivative instruments on the Statement of operations

The table below summarizes the net realized gain (loss) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the six months ended April 30, 2017:

Risk Statement of operations location Swap contracts

Interest rate Net realized gain (loss) ($22,537 )

The table below summarizes the net change in unrealized appreciation (depreciation) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the six months ended April 30, 2017:

Risk Statement of operations location Swap contracts

Interest rate Change in unrealized appreciation (depreciation) $26,797

Note 4 — Guarantees and indemnifications

Under the fund's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into contracts with service providers that contain general indemnification clauses. The fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the fund that have not yet occurred. The risk of material loss from such claims is considered remote.

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Note 5 — Fees and transactions with affiliates

John Hancock Advisers, LLC (the Advisor) serves as investment advisor for the fund. John Hancock Funds, LLC (the Distributor), an affiliate of the Advisor, serves as distributor for the common shares offered through the equity shelf offering. The Advisor is an indirect, wholly owned subsidiary of Manulife Financial Corporation (MFC).

Management fee. The fund has an investment management agreement with the Advisor under which the fund pays a daily management fee to the Advisor, equivalent on an annual basis, to the sum of (a) 0.650% of the first $150 million of the fund's average daily managed assets (net assets plus borrowings under the Liquidity Agreement (see Note 8), (b) 0.375% of the next $50 million of the fund's average daily managed assets, (c) 0.350% of the next $100 million of the fund's average daily managed assets and (d) 0.300% of the fund's average daily managed assets in excess of $300 million. The Advisor has a subadvisory agreement with John Hancock Asset Management a division of Manulife Asset Management (US) LLC, an indirectly owned subsidiary of MFC and an affiliate of the Advisor. The fund is not responsible for payment of the subadvisory fees.

The Advisor has contractually agreed to waive a portion of its management fee and/or reimburse expenses for certain funds of the John Hancock group of funds complex, including the fund (the participating portfolios). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund. During the six months ended April 30, 2017, this waiver amounted to 0.01% of the fund's average daily managed assets (on an annualized basis). This arrangement may be amended or terminated at any time by the Advisor upon notice to the fund and with the approval of the Board of Trustees.

The expense reductions described above amounted to $9,292 for the six months ended April 30, 2017.

Expenses waived or reimbursed in the current fiscal period are not subject to recapture in future fiscal periods.

The investment management fees, including the impact of the waivers and reimbursements as described above, incurred for the six months ended April 30, 2017 were equivalent to a net annual effective rate of 0.53% of the fund's average daily managed assets.

Accounting and legal services. Pursuant to a service agreement, the fund reimburses the Advisor for all expenses associated with providing the administrative, financial, legal, accounting and recordkeeping services to the fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These accounting and legal services fees incurred for the six months ended April 30, 2017 amounted to an annual rate of 0.02% of the fund's average daily managed assets.

Distributor. The fund will compensate the Distributor with respect to sales of the common shares offered through the equity shelf offering at a commission rate of 1.00% of the gross proceeds of the sale of common shares, a portion of which is allocated to the selling dealers. During the six months ended April 30, 2017, there was no compensation paid to the Distributor. The Distributor has an agreement with a sub-placement agent in the sale of common shares. The fund is not responsible for payment of commissions to the sub placement agent.

Trustee expenses. The fund compensates each Trustee who is not an employee of the Advisor or its affiliates. These Trustees receive from the fund and the other John Hancock closed-end funds an annual retainer. In addition, Trustee out-of-pocket expenses are allocated to each fund based on its net assets relative to other funds within the John Hancock group of funds complex.

Note 6 — Fund share transactions

On December 10, 2015, the Board of Trustees approved a share repurchase plan, which is subsequently reviewed and approved by the Board of Trustees each year in December. Under the current share repurchase plan, the fund may purchase in the open market, up to 10% of its outstanding common shares as of December 31, 2016. The current share repurchase plan

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 29

will remain in effect between January 1, 2017 to December 31, 2017. During the six months ended April 30, 2017, there was no activity under the share repurchase plan. During the year ended October 31, 2016, the fund repurchased 0.96% of its common shares outstanding under the repurchase program. The weighted average discount per share on these repurchases amounted to 10.58% for the year ended October 31, 2016. Shares repurchased and corresponding dollar amounts are included on the Statements of changes in net assets. The anti-dilutive impact of these share repurchases is included in the Financial highlights.

During the six months ended April 30, 2017 and the year ended October 31, 2016, there was no activity under the shelf offering program. Proceeds received in connection with the shelf offering are net of commissions and offering costs. Total offering costs of $248,706 have been prepaid by the fund. These costs are deducted from proceeds as shares are issued. To date, $21,863 has been deducted from proceeds of shares issued and the remaining $226,843 is included in Other receivables and prepaid expenses on the Statement of assets and liabilities.

Note 7 — Leverage risk

The fund utilizes a Liquidity Agreement to increase its assets available for investment. When the fund leverages its assets, common shareholders bear the fees associated with the Liquidity Agreement and have potential to benefit or be disadvantaged from the use of leverage. The Advisor's fee is also increased in dollar terms from the use of leverage. Consequently, the fund and the Advisor may have differing interests in determining whether to leverage the fund's assets. Leverage creates risks that may adversely affect the return for the holders of common shares, including:

•	the likelihood of greater volatility of NAV and market price of common shares;
•	fluctuations in the interest rate paid for the use of the Liquidity Agreement;
•	increased operating costs, which may reduce the fund's total return;
•	the potential for a decline in the value of an investment acquired through leverage, while the fund's obligations under such leverage remains fixed; and
•	the fund is more likely to have to sell securities in a volatile market in order to meet asset coverage or other debt compliance requirements.

To the extent the income or capital appreciation derived from securities purchased with funds received from leverage exceeds the cost of leverage, the fund's return will be greater than if leverage had not been used; conversely, returns would be lower if the cost of the leverage exceeds the income or capital appreciation derived. The use of securities lending to obtain leverage in the fund's investments may subject the fund to greater risk of loss than would reinvestment of collateral in short-term highly rated investments.

In addition to the risks created by the fund's use of leverage, the fund is subject to the risk that it would be unable to timely, or at all, obtain replacement financing if the Liquidity Agreement is terminated. Were this to happen, the fund would be required to de-leverage, selling securities at a potentially inopportune time and incurring tax consequences. Further, the fund's ability to generate income from the use of leverage would be adversely affected.

Note 8 — Liquidity agreement

The fund has entered into a Liquidity Agreement (LA) with State Street Bank and Trust Company (SSB) that allows it to borrow or otherwise access up to $86.9 million (maximum facility amount) through a line of credit, securities lending and reverse repurchase agreements. The amounts outstanding at April 30, 2017 are shown in the Statement of assets and liabilities as the Liquidity agreement.

The fund pledges its assets as collateral to secure obligations under the LA. The fund retains the risks and rewards of the ownership of assets pledged to secure obligations under the LA and makes these assets available for securities lending and reverse repurchase transactions with SSB acting as the fund's authorized agent for these transactions. All transactions initiated through SSB are required to be secured with cash collateral received from the securities borrower (the Borrower) or cash is received from the reverse repurchase agreement (Reverse Repo) counterparties. Securities lending transactions will

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 30

be secured with cash collateral in amounts at least equal to 100% of the market value of the securities utilized in these transactions. Cash received by SSB from securities lending or Reverse Repo transactions is credited against the amounts borrowed under the line of credit.

Upon return of securities by the Borrower or Reverse Repo counterparty, SSB will return the cash collateral to the Borrower or proceeds from the Reverse Repo, as applicable, which will eliminate the credit against the line of credit and will cause the drawdowns under the line of credit to increase by the amounts returned. Income earned on the loaned securities is retained by SSB, and any interest due on the reverse repurchase agreements is paid by SSB.

SSB has indemnified the fund for certain losses that may arise if the Borrower or a Reverse Repo Counterparty fails to return securities when due. With respect to securities lending transactions, upon a default of the securities borrower, SSB uses the collateral received from the Borrower to purchase replacement securities of the same issue, type, class and series. If the value of the collateral is less than the purchase cost of replacement securities, SSB is responsible for satisfying the shortfall but only to the extent that the shortfall is not due to any of the fund's losses on the reinvested cash collateral. Although the risk of the loss of the securities is mitigated by receiving collateral from the Borrower or proceeds from the Reverse Repo counterparty and through SSB indemnification, the fund could experience a delay in recovering securities or could experience a lower than expected return if the Borrower or Reverse Repo counterparty fails to return the securities on a timely basis.

Under normal circumstances, interest charged is at the rate of one month LIBOR (London Interbank Offered Rate) plus 0.60%, is payable monthly on the aggregate balance of the drawdowns outstanding under the LA. As of April 30, 2017, the fund had an aggregate balance of $86,900,000 at an interest rate of 1.60%, which is reflected in the Liquidity agreement on the Statement of assets and liabilities. During the six months ended April 30, 2017, the average balance of the LA and the effective average interest rate were $86,900,000 and 1.41%, respectively.

After the six month anniversary of the effective date of the agreement, the fund may terminate the LA with 60 days' notice. If certain asset coverage and collateral requirements, or other covenants are not met, the LA could be deemed in default and result in termination. Absent a default or facility termination event, SSB is required to provide the fund with 360 days' notice prior to terminating the LA.

Note 9 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, amounted to $62,340,985 and $68,579,233, respectively, for the six months ended April 30, 2017.

Note 10 — New rule issuance

In October 2016, the SEC issued Final Rule Release No.33-10231, Investment Company Reporting Modernization (the Release). The Release calls for the adoption of new rules and forms as well as amendments to its rules and forms to modernize the reporting and disclosure of information by registered investment companies. The SEC is adopting amendments to Regulation S-X, which will require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The updates to Regulation S-X are effective August 1, 2017 and may result in additional disclosure relating to the presentation of derivatives and certain other financial instruments. These updates will have no impact on the fund's net assets or results of operations

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 31

ADDITIONAL INFORMATION

Unaudited

Investment objective and policy

The fund is a diversified, closed-end, management investment company, common shares of which were initially offered to the public in January 1971. The fund's primary investment objective is to generate income for distribution to its shareholders, with capital appreciation as a secondary objective. The preponderance of the fund's assets are invested in a diversified portfolio of debt securities issued by U.S. and non-U.S. corporations and governments, some of which may carry equity features. Up to 50% of the value of the fund's assets may be invested in restricted securities acquired through private placements. The fund may also invest in repurchase agreements. The fund utilizes a credit facility agreement to increase its assets available for investments.

Dividends and distributions

During the six months ended April 30, 2017, distributions from net investment income totaling $0.6493 per share were paid to shareholders. The dates of payments and the amounts per share were as follows:

Payment Date Income Distributions

December 30, 2016 $0.3268

March 31, 2017 0.3225

Total $0.6493

Shareholder meeting

The fund held its Annual Meeting of Shareholders on January 24, 2017. The following proposal was considered by the shareholders:

Proposal: Election of thirteen (13) Nominees to serve until their respective successors have been duly elected and qualified

Total votes
for the nominee Total votes withheld
from the nominee

Independent Trustees

Charles L. Bardelis 7,040,497.509 215,448.948

Peter S. Burgess 7,031,998.544 223,947.913

William H. Cunningham 7,045,068.509 210,877.948

Grace K. Fey 7,048,449.966 207,496.491

Theron S. Hoffman 7,042,975.938 212,970.519

Deborah C. Jackson 7,033,063.929 222,882.528

Hassell H. McClellan 7,046,226.424 209,720.033

James M. Oates 7,043,460.938 212,485.519

Steven R. Pruchansky 7,048,968.459 206,977.998

Gregory A. Russo 7,051,938.023 204,008.434

Non-Independent Trustee

James R. Boyle 7,040,705.001 215,241.456

Craig Bromley¹ 7,054,541.966 201,404.491

Warren A. Thomson 7,048,632.481 207,313.976

1	Effective June 15, 2017, Mr. Bromley no longer serves as a Trustee of the fund. Andrew G. Arnott has been appointed as a Trustee of the fund effective June 20, 2017. Mr. Arnott serves as a Trustee until his successor has been duly elected and qualified.

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More information

Trustees

Hassell H. McClellan, Chairperson^#
Steven R. Pruchansky, Vice Chairperson
Andrew G. Arnott†^##
Charles L. Bardelis*
James R. Boyle†
Peter S. Burgess*
William H. Cunningham
Grace K. Fey
Theron S. Hoffman*
Deborah C. Jackson
James M. Oates
Gregory A. Russo
Warren A. Thomson†

Officers

Andrew G. Arnott
President

John J. Danello
Senior Vice President, Secretary,
and Chief Legal Officer

Francis V. Knox, Jr.
Chief Compliance Officer

Charles A. Rizzo
Chief Financial Officer

Salvatore Schiavone
Treasurer

Investment advisor

John Hancock Advisers, LLC

Subadvisor

John Hancock Asset Management a division of Manulife Asset Management (US) LLC

Principal distributor

John Hancock Funds, LLC

Custodian

State Street Bank and Trust Company

Transfer agent

Computershare Shareowner Services, LLC

Legal counsel

K&L Gates LLP

Stock symbol

Listed New York Stock Exchange: JHI

*Member of the Audit Committee
†Non-Independent Trustee
^#Effective 1-1-17
^##Effective 6-20-17

The fund's proxy voting policies and procedures, as well as the fund proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) website at sec.gov or on our website.

The fund's complete list of portfolio holdings, for the first and third fiscal quarters, is filed with the SEC on Form N-Q. The fund's Form N-Q is available on our website and the SEC's website, sec.gov, and can be reviewed and copied (for a fee) at the SEC's Public Reference Room in Washington, DC. Call 800-SEC-0330 to receive information on the operation of the SEC's Public Reference Room.

We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our website at jhinvestments.com or by calling 800-852-0218.

You can also contact us:

800-852-0218
jhinvestments.com
Regular mail:

Computershare
P.O. Box 505000
Louisville, KY 40233

Express mail:

Computershare
462 South 4th Street, Suite 1600
Louisville, KY 40202

SEMIANNUAL REPORT | JOHN HANCOCK INVESTORS TRUST 33

John Hancock family of funds

DOMESTIC EQUITY FUNDS

Balanced

Blue Chip Growth

Classic Value

Disciplined Value

Disciplined Value Mid Cap

Equity Income

Fundamental All Cap Core

Fundamental Large Cap Core

Fundamental Large Cap Value

New Opportunities

Small Cap Value

Small Company

Strategic Growth

U.S. Global Leaders Growth

U.S. Growth

Value Equity

GLOBAL AND INTERNATIONAL EQUITY FUNDS

Disciplined Value International

Emerging Markets

Emerging Markets Equity

Fundamental Global Franchise

Global Equity

Global Shareholder Yield

Greater China Opportunities

International Growth

International Small Company

International Value Equity

INCOME FUNDS

Bond

California Tax-Free Income

Emerging Markets Debt

Floating Rate Income

Global Income

Government Income

High Yield

High Yield Municipal Bond

Income

Investment Grade Bond

Money Market

Short Duration Credit Opportunities

Spectrum Income

Strategic Income Opportunities

Tax-Free Bond

ALTERNATIVE AND SPECIALTY FUNDS

Absolute Return Currency

Alternative Asset Allocation

Enduring Assets

Financial Industries

Global Absolute Return Strategies

Global Conservative Absolute Return

Global Focused Strategies

Natural Resources

Redwood

Regional Bank

Seaport

Technical Opportunities

The fund's investment objectives, risks, charges, and expenses are included in the prospectus and should be considered carefully before investing. For a prospectus, contact your financial professional, call John Hancock Investments at 800-852-0218, or visit the fund's website at jhinvestments.com. Please read the prospectus carefully before investing or sending money.

ASSET ALLOCATION

Income Allocation Fund

Multi-Index Lifetime Portfolios

Multi-Index Preservation Portfolios

Multimanager Lifestyle Portfolios

Multimanager Lifetime Portfolios

EXCHANGE-TRADED FUNDS

John Hancock Multifactor Consumer Discretionary ETF

John Hancock Multifactor Consumer Staples ETF

John Hancock Multifactor Developed International ETF

John Hancock Multifactor Energy ETF

John Hancock Multifactor Financials ETF

John Hancock Multifactor Healthcare ETF

John Hancock Multifactor Industrials ETF

John Hancock Multifactor Large Cap ETF

John Hancock Multifactor Materials ETF

John Hancock Multifactor Mid Cap ETF

John Hancock Multifactor Technology ETF

John Hancock Multifactor Utilities ETF

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE FUNDS

ESG All Cap Core

ESG Core Bond

ESG International Equity

ESG Large Cap Core

CLOSED-END FUNDS

Financial Opportunities

Hedged Equity & Income

Income Securities Trust

Investors Trust

Preferred Income

Preferred Income II

Preferred Income III

Premium Dividend

Tax-Advantaged Dividend Income

Tax-Advantaged Global Shareholder Yield

John Hancock Multifactor ETF shares are bought and sold at market price (not NAV), and are not individually redeemed
from the fund. Brokerage commissions will reduce returns.

John Hancock ETFs are distributed by Foreside Fund Services, LLC, and are subadvised by Dimensional Fund Advisors LP.
Foreside is not affiliated with John Hancock Funds, LLC or Dimensional Fund Advisors LP.

Dimensional Fund Advisors LP receives compensation from John Hancock in connection with licensing rights to the
John Hancock Dimensional indexes. Dimensional Fund Advisors LP does not sponsor, endorse, or sell, and makes no
representation as to the advisability of investing in, John Hancock Multifactor ETFs.

John Hancock Investments

A trusted brand

John Hancock Investments is a premier asset manager representing one of
America's most trusted brands, with a heritage of financial stewardship dating
back to 1862. Helping our shareholders pursue their financial goals is at the
core of everything we do. It's why we support the role of professional financial
advice and operate with the highest standards of conduct and integrity.

A better way to invest

We serve investors globally through a unique multimanager approach:
We search the world to find proven portfolio teams with specialized
expertise for every strategy we offer, then we apply robust investment
oversight to ensure they continue to meet our uncompromising standards
and serve the best interests of our shareholders.

Results for investors

Our unique approach to asset management enables us to provide a diverse set
of investments backed by some of the world's best managers, along with strong
risk-adjusted returns across asset classes.

John Hancock Advisers, LLC
601 Congress Street n Boston, MA 02210-2805
800-852-0218 n jhinvestments.com

MF368611 P5SA 4/17
6/17

			Total number of	Maximum number of
			shares purchased	shares that may yet
	Total number of	Average price per	as part of publicly	be purchased under
Period	shares purchased	share	announced plans*	the plans
Nov-16	-	-	-	870,703
Dec-15	-	-	-	870,703
Jan-17	-	-	-	870,703*
Feb-17	-	-	-	870,703
Mar-17	-	-	-	870,703
Apr-17	-	-	-	870,703
Total	-	-

* On December 10, 2015, the Board of Trustees approved a share repurchase program. Under the share repurchase program, the Fund may purchase in the open market, up to 10% of its outstanding common shares between January 1, 2017 to December, 31, 2017 (based on common shares outstanding as of December 31, 2016).

By:		/s/ Andrew Arnott
		Andrew Arnott
		President

Date:		June 21, 2017

By:		/s/ Andrew Arnott
		Andrew Arnott
		President

Date:		June 21, 2017

By:		/s/ Charles A. Rizzo
		Charles A. Rizzo
		Chief Financial Officer

Date:		June 21, 2017

Date of fiscal year end:	October 31


Date of reporting period:	April 30, 2017


United States	69.6
Mexico	5.0
Brazil	4.2
Canada	3.2
Luxembourg	2.9
Netherlands	2.3
France	1.9
Ireland	1.5
United Kingdom	1.5
Argentina	1.4
Other countries	6.5
TOTAL	100.0
As a percentage of total investments.


	Dennis F. McCafferty, CFA On the fund since 2013 Investing since 1995
	John F. Addeo, CFA On the fund since 2012 Investing since 1984
	Jeffrey N. Given, CFA On the fund since 2002 Investing since 1993


As of 4-30-17 (unaudited)
	Rate (%)	Maturity date	Par value^			Value
Corporate bonds 129.2% (85.8% of Total investments)						$209,055,528
(Cost $202,976,751)
Consumer discretionary 24.8%						40,143,290
Auto components 2.9%
Adient Global Holdings, Ltd. (S)	4.875	08-15-26			805,000	807,013
American Axle & Manufacturing, Inc. (L)(Z)	6.250	03-15-21			1,000,000	1,027,500
Lear Corp. (Z)	5.250	01-15-25			1,210,000	1,283,370
Nemak SAB de CV (L)(S)(Z)	5.500	02-28-23			550,000	567,875
The Goodyear Tire & Rubber Company	5.000	05-31-26			950,000	974,938
Automobiles 0.5%
Aston Martin Capital Holdings, Ltd. (L)(S)(Z)	6.500	04-15-22			405,000	414,619
General Motors Financial Company, Inc. (Z)	3.450	04-10-22			380,000	383,712
Hotels, restaurants and leisure 4.2%
Chester Downs & Marina LLC (S)	9.250	02-01-20			1,185,000	1,213,144
Hilton Grand Vacations Borrower LLC (S)	6.125	12-01-24			750,000	798,750
International Game Technology PLC (S)	6.500	02-15-25			1,785,000	1,954,575
Jacobs Entertainment, Inc. (S)	7.875	02-01-24			705,000	736,725
Mohegan Tribal Gaming Authority (L)(S)(Z)	7.875	10-15-24			1,340,000	1,371,825
Scientific Games International, Inc. (S)	7.000	01-01-22			655,000	701,256
Waterford Gaming LLC (H)(S)	8.625	09-15-14			377,791	0
Household durables 0.9%
Tempur Sealy International, Inc.	5.500	06-15-26			625,000	621,875
Toll Brothers Finance Corp. (Z)	4.875	11-15-25			875,000	899,063
Internet and direct marketing retail 1.2%
Expedia, Inc. (Z)	5.000	02-15-26			1,000,000	1,073,517
QVC, Inc.	5.950	03-15-43			1,000,000	937,433
Media 12.5%
AMC Entertainment Holdings, Inc. (S)	5.875	11-15-26			1,155,000	1,175,934
AMC Entertainment Holdings, Inc. (L)(S)(Z)	6.125	05-15-27			800,000	817,000
Cablevision Systems Corp.	7.750	04-15-18			985,000	1,030,556
Cablevision Systems Corp.	8.000	04-15-20			750,000	837,660
CCO Holdings LLC	5.125	02-15-23			350,000	364,000
CCO Holdings LLC (S)	5.125	05-01-27			1,245,000	1,269,900
CCO Holdings LLC (L)(S)(Z)	5.750	02-15-26			1,500,000	1,593,270
Cengage Learning, Inc. (L)(S)(Z)	9.500	06-15-24			850,000	767,125
Grupo Televisa SAB	4.625	01-30-26			725,000	755,547
Grupo Televisa SAB	8.490	05-11-37		MXN	26,200,000	1,264,875
Lions Gate Entertainment Corp. (L)(S)(Z)	5.875	11-01-24			1,095,000	1,136,063
MDC Partners, Inc. (L)(S)(Z)	6.500	05-01-24			955,000	931,125
MHGE Parent LLC (L)(S)(Z)	8.500	08-01-19			1,000,000	1,007,500
Myriad International Holdings BV (S)	5.500	07-21-25			915,000	969,214
Nielsen Finance LLC (L)(S)(Z)	5.000	04-15-22			800,000	823,500
Outfront Media Capital LLC	5.250	02-15-22			900,000	934,875


				Shares		Value
Real estate 0.6%						$940,320
Equity real estate investment trusts 0.6%
American Tower Corp., 5.250%				8,000		940,320
Utilities 0.8%						1,270,122
Electric utilities 0.4%
NextEra Energy, Inc., 6.123%				12,160		637,184
Multi-utilities 0.4%
DTE Energy Company, 6.500%				11,745		632,938
Common stocks 0.6% (0.4% of Total investments)						$921,741
(Cost $2,622,260)
Consumer discretionary 0.0%						0
Media 0.0%
Vertis Holdings, Inc. (I)				34,014		0
Energy 0.6%						921,741
Oil, gas and consumable fuels 0.6%
Energy XXI Gulf Coast, Inc. (I)				11,614		319,385
Pacific Exploration and Production Corp. (I)				3,651		107,595
SandRidge Energy, Inc. (I)				26,860		494,761
Industrials 0.0%						0
Airlines 0.0%
Global Aviation Holdings, Inc., Class A (I)				82,159		0
	Yield* (%)	Maturity date	Par value^			Value
Short-term investments 4.2% (2.8% of Total investments)						$6,776,000
(Cost $6,776,000)
U.S. Government Agency 3.6%						5,796,000
Federal Home Loan Bank Discount Note	0.680	05-01-17			5,796,000	5,796,000
				Par value^		Value
Repurchase agreement 0.6%						980,000
Repurchase Agreement with State Street Corp. dated 4-28-17 at 0.220% to be repurchased at $980,018 on 5-1-17, collateralized by $955,000 U.S. Treasury Inflation Indexed Notes, 0.125% due 4-15-19 (valued at $1,001,819, including interest)				980,000		980,000
Total investments (Cost $238,354,606)† 150.5%						$243,568,351
Other assets and liabilities, net (50.5%)						($81,728,793	)
Total net assets 100.0%						$161,839,558



Cash flows from operating activities
Net increase in net assets from operations	$9,841,206
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Long-term investments purchased	(62,340,985)
Long-term investments sold	68,579,233
Increase in short-term investments	(4,891,000)
Net amortization of premium (discount)	213,049
Decrease in cash segregated at custodian for derivative contracts	270,000
Increase in receivable for investments sold	(1,342,139)
Decrease in dividends and interest receivable	27,908
Increase in other receivables and prepaid assets	(12,893)
Decrease in payable for investments purchased	(466,894)
Decrease in unrealized appreciation (depreciation) of swap contracts	(26,797)
Increase in interest payable	30,538
Decrease in payable to affiliates	(1,125)
Decrease in other liabilities and accrued expenses	(15,885)
Net change in unrealized (appreciation) depreciation on investments	(2,964,852)
Net realized gain on investments	(1,243,533)
Net cash provided by operating activities	$5,655,831
Cash flows from financing activities
Distributions to common shareholders net of reinvestments	($5,653,471)
Net cash used in financing activities	($5,653,471	)
Net increase in cash	$2,360
Cash at beginning of period	23,074
Cash at end of period	$25,434
Supplemental disclosure of cash flow information
Cash paid for interest	$577,219





COMMON SHARES Period Ended		4-30-17¹		10-31-16		10-31-15		10-31-14		10-31-13		10-31-12
Per share operating performance
Net asset value, beginning of period		$18.11		$17.20		$19.56		$19.76		$20.44		$19.19
Net investment income²		0.65		1.32		1.41		1.58		1.61		1.88
Net realized and unrealized gain (loss) on investments		0.48		0.96		(2.28	)	(0.14	)	(0.59	)	1.30
Total from investment operations		1.13		2.28		(0.87	)	1.44		1.02		3.18
Less distributions to common shareholders
From net investment income		(0.65	)	(1.39	)	(1.49	)	(1.64	)	(1.71	)	(1.94	)
Anti-dilutive impact of repurchase plan		—		0.02	³	—		—		—		—
Anti-dilutive impact of shelf offering		—		—		—		—	⁴	0.01		0.01
Net asset value, end of period		$18.59		$18.11		$17.20		$19.56		$19.76		$20.44
Per share market value, end of period		$17.51		$16.73		$15.20		$19.06		$19.30		$22.24
Total return at net asset value (%)^5,6		6.63	⁷	14.95		(3.85	)	7.65		5.09		16.14
Total return at market value (%)⁶		8.72	⁷	20.17		(12.80	)	7.40		(5.66	)	11.13
Ratios and supplemental data
Net assets applicable to common shares, end of period (in millions)		$162		$158		$151		$172		$173		$176
Ratios (as a percentage of average net assets):
	Expenses before reductions	1.89	⁸	1.79		1.54		1.38		1.41		1.57
	Expenses including reductions⁹	1.88	⁸	1.78		1.53		1.37		1.41		1.57
	Net investment income	7.24	⁸	7.75		7.70		7.94		8.00		9.65
Portfolio turnover (%)		26		62		74		71		61		56
Senior securities
Total debt outstanding end of period (in millions)		$87		$87		$87		$87		$86		$86
Asset coverage per $1,000 of debt¹⁰		$2,862		$2,814		$2,741		$2,979		$3,013		$3,054


	1			Six months ended 4-30-17. Unaudited.
	2			Based on average daily shares outstanding.
	3			The repurchase plan was completed at an average repurchase price of $13.99 for 84,400 shares, which equals $1,180,832 in redemptions for the year ended 10-31-16.
	4			Less than $0.005 per share.
	5			Total returns would have been lower had certain expenses not been reduced during the applicable periods.
	6			Total return based on net asset value reflects changes in the fund's net asset value during each period. Total return based on market value reflects changes in market value. Each figure assumes that distributions from income, capital gains and tax return of capital, if any, were reinvested. These figures will differ depending upon the level of any discount from or premium to net asset value at which the fund's shares traded during the period.
	7			Not annualized.
	8			Annualized.
	9			Expenses including reductions excluding interest expense were 1.10% (annualized), 1.16%, 1.06%, 1.05%, 1.07% and 1.07% for the periods ended 4-30-17, 10-31-16, 10-31-15, 10-31-14, 10-31-13 and 10-31-12, respectively.
	10			Asset coverage equals the total net assets plus borrowings divided by the borrowings of the fund outstanding at period end (Note 8). As debt outstanding changes, the level of invested assets may change accordingly. Asset coverage ratio provides a measure of leverage.


Capital loss carryforward expiring October 31		No expiration date
2017	2019	Short term	Long term
$2,675,603	$2,044,097	$3,544,289	$11,194,106


Risk	Statement of operations location	Swap contracts
Interest rate	Net realized gain (loss)	($22,537	)


Payment Date	Income Distributions
December 30, 2016	$0.3268
March 31, 2017	0.3225
Total	$0.6493


	Total votes for the nominee	Total votes withheld from the nominee
Independent Trustees
Charles L. Bardelis	7,040,497.509	215,448.948
Peter S. Burgess	7,031,998.544	223,947.913
William H. Cunningham	7,045,068.509	210,877.948
Grace K. Fey	7,048,449.966	207,496.491
Theron S. Hoffman	7,042,975.938	212,970.519
Deborah C. Jackson	7,033,063.929	222,882.528
Hassell H. McClellan	7,046,226.424	209,720.033
James M. Oates	7,043,460.938	212,485.519
Steven R. Pruchansky	7,048,968.459	206,977.998
Gregory A. Russo	7,051,938.023	204,008.434
Non-Independent Trustee
James R. Boyle	7,040,705.001	215,241.456
Craig Bromley¹	7,054,541.966	201,404.491
Warren A. Thomson	7,048,632.481	207,313.976


	John Hancock Advisers, LLC 601 Congress Street n Boston, MA 02210-2805 800-852-0218 n jhinvestments.com
	MF368611	P5SA 4/17 6/17